FOR IMMEDIATE RELEASE
Contact:
Keira Lombardo
Smithfield Foods, Inc.
(757) 365-3050
keiralombardo@smithfieldfoods.com

Smithfield Foods Reports Record Fourth Quarter and Full Year Results

SMITHFIELD, Virginia (June 16, 2011)-Smithfield Foods, Inc. (NYSE: SFD) today reported record fiscal 2011 fourth quarter and full year results. All comparisons are to the fourth quarter and full fiscal year 2010.

Fourth Quarter Highlights
Net income was $98.4 million, or $.59 per diluted share, an improvement of $103 million
Adjusted EPS of $.85 was record high for the fourth quarter
Fourth consecutive quarter of record year over year earnings
Consolidated operating profit improved $227 million
Pork segment produced record fourth quarter operating profit
Pork earnings increased 77%
Fresh pork operating profit improved by $106 million
Packaged meats results remained strong at $80 million
Hog Production segment operating results increased $171 million
Strong export demand continued, particularly from Asian markets
Consolidated sales increased 7% to $3.1 billion

Full Year Highlights
Net income was $521.0 million, an improvement of $622 million
EPS of $3.12 was record high for a fiscal year
Consolidated operating profit improved more than $1 billion
Pork segment produced record operating profit for the fourth consecutive year
Pork earnings increased 40%
Fresh pork operating profit improved $345 million
Packaged meats results remained strong at $347 million
Hog Production segment operating results increased $764 million
Robust demand for U.S. pork exports led to significant margin expansion in fresh pork complex
Consolidated sales increased 9% to $12.2 billion

Financial Management Highlights
Repurchased $391 million of 2013 and 2014 notes in fourth quarter
Retired $913 million of total debt during fiscal year
Closed two new working capital facilities totaling $1.2 billion and extended $200 million term loan subsequent to year end
Lowered interest expense
Increased liquidity






The following information was filed by Smithfield Foods Inc (SFD) on Thursday, June 16, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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